As per our sources Mr.Onkar of Apollo Tyre is still on US visit with his top management and legal team and in regular touch with chairman of Cooper Tire, Mr Roy Armes.
Same time Mr.Onkar is also planning to sell off most of its South African operations to raise the fund to make the merger deal of Cooper Tire. From last 30 years Mr.Onkar is dreaming to expand Apollo Tyre beyond India and Europe to meet its goal to become one of the top 10 tyre makers in the world.
This is not for the first time, that Mr.Onkar Kanwar, MD of Apollo Tyres Ltd. is trying such effort, last year also he tried Cooper Tire for merger but due to difference in interest Cooper Tire walked away from it.
As per industry expert, Apollo Tyres Ltd.’s acquisition of Cooper Tire & Rubber Co. will help both the companies as they merge to form the world’s seventh-largest tyre company. The deal will be a game-changer for Apollo Tyres, its turnover will rise almost two-three times. The company will also gain access to markets in China, Africa and Latin America, besides brands that include Cooper, Avon, Roadmaster, Mickey Thompson, Starfire, Mastercraft and Chengsan.